Procore Technologies (NYSE:PCOR) Stock Price Expected to Rise, Scotiabank Analyst Says

Procore Technologies (NYSE:PCOR) had its price target upped by analysts at Scotiabank from $70.00 to $85.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s target price would indicate a potential upside of 9.14% from the company’s current price.

A number of other equities analysts also recently commented on PCOR. BMO Capital Markets increased their price objective on Procore Technologies from $71.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday. KeyCorp increased their price target on shares of Procore Technologies from $68.00 to $85.00 and gave the company an “overweight” rating in a report on Friday. Barclays increased their price objective on shares of Procore Technologies from $66.00 to $78.00 and gave the company an “equal weight” rating in a research note on Friday. JMP Securities dropped their price objective on shares of Procore Technologies from $82.00 to $75.00 and set a “market outperform” rating for the company in a report on Thursday, October 31st. Finally, Robert W. Baird began coverage on shares of Procore Technologies in a research report on Tuesday, September 24th. They issued an “outperform” rating and a $73.00 price objective for the company. Five investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $78.63.

Procore Technologies Stock Performance

Shares of NYSE:PCOR traded up $2.65 on Friday, hitting $77.88. The company’s stock had a trading volume of 1,935,280 shares, compared to its average volume of 1,585,903. Procore Technologies has a 12 month low of $49.46 and a 12 month high of $83.35. The company has a market capitalization of $11.58 billion, a price-to-earnings ratio of -156.14 and a beta of 0.71. The stock’s 50-day moving average is $63.82 and its two-hundred day moving average is $63.92. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11). The business had revenue of $295.89 million during the quarter, compared to analyst estimates of $287.42 million. Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. On average, equities research analysts forecast that Procore Technologies will post -0.23 EPS for the current year.

Insider Activity at Procore Technologies

In other news, major shareholder Iconiq Strategic Partners Ii, sold 12,340 shares of the stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $71.04, for a total transaction of $876,633.60. Following the completion of the sale, the insider now directly owns 2,284,989 shares in the company, valued at approximately $162,325,618.56. This represents a 0.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Connor Kevin J. O sold 5,128 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $58.48, for a total transaction of $299,885.44. Following the completion of the transaction, the director now owns 1,360,848 shares of the company’s stock, valued at $79,582,391.04. This trade represents a 0.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 67,997 shares of company stock valued at $4,497,153. 29.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Procore Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC lifted its position in Procore Technologies by 76.4% in the 3rd quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock valued at $25,000 after acquiring an additional 175 shares in the last quarter. V Square Quantitative Management LLC bought a new position in Procore Technologies in the 3rd quarter worth $26,000. Signaturefd LLC lifted its holdings in Procore Technologies by 52.0% in the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after purchasing an additional 216 shares in the last quarter. Rothschild Investment LLC bought a new stake in Procore Technologies in the 2nd quarter valued at $51,000. Finally, International Assets Investment Management LLC boosted its stake in Procore Technologies by 6,069.2% during the third quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock valued at $49,000 after buying an additional 789 shares during the last quarter. Institutional investors own 81.10% of the company’s stock.

Procore Technologies Company Profile

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company’s platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects.